DENVER, Colo. — In just two weeks, equity crowdfunders have reserved shares for more than $4 million via StartEngine.com/Startup/XTI to support development of an airplane with the speed, range, and comfort of a business jet and the ability to take off and land like a helicopter.
XTI Aircraft Company (XTI) is pioneering the use of crowdfunding for commercial airplane development, and at the same time continuing its engineering work on the TriFan 600.
“The response to our announcement of the equity crowdfunding plan and to this revolutionary aircraft itself has been overwhelming,” said XTI Vice Chairman Jeff Pino. “People are captivated and excited by the world of possibilities this aircraft presents. They recognize that this could be a once-in-a-lifetime opportunity and want to get involved early as stakeholders.”
Individual reservations have ranged from $250 to more than $200,000, company officials note.
XTI is currently gauging potential shareholder interest under the terms of Regulation A, popularly referred to as Reg A+, of the JOBS Act, and will decide later this year whether to file an application for a financing to be qualified by the Securities and Exchange Commission (SEC). If qualified, XTI will then open the door to official share purchases on the StartEngine website to begin as soon as year end.
XTI is also raising funds through venture capital, private equity and accredited investors, while finalizing diligence on its technical solution and starting discussions with vendors that will lead to building a prototype, company officials report.
In development for over two years, the six-seat TriFan 600 will be a certified vertical takeoff airplane with speed, range and comfort comparable to that of a business jet.